Business Daily from THE HINDU group of publications
Wednesday, Sep 17, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Wednesday, Sep 17, 2008 ePaper | Mobile/PDA Version | Audio |
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Stocks Markets - Stock Markets 
Our Bureau Chennai, Sept. 16 With the market falling sharply, the number of stocks hitting year lows has been on the rise. As many as 250 companies have hit their 52-week lows on the National Stock Exchange on Tuesday on the NSE. Total number of stocks traded on the NSE was 1,267. Some of the prominent stocks that hit new-year lows are Reliance Communications, Reliance Industries, Hindalco, Sterlite Industries, Tata Motors, Tata Steel, Unitech and Bhart Electronics Ltd. A few of them posted smart recovery from their low levels. Weak Outlook“The outlook for the market still remains weak because of weak technical indicators and possible consistent weakness in the US and Asian markets. Weak rupee is also a cause of concern. Importers will face severe problem. Hopefully, RBI may intervene the market in a big way shortly or otherwise rupee may slip further towards 47.25,” said Mr Alex Mathew, Head Research Centre, Geojit Financial Services. Stocks on lowThe other prominent stocks that hit their 58-week lows include Indian Hotels, IDFC, UltraTech Cement, Dredging Corporation, Easun Reyrolle, Gammon India, GSFC, Indiabulls Securities, India Infoline, IVR Prime Urban Developers, NDTV, Sesa Goa and Punjab Tractors. “More Possible”According to India Infoline, “The crisis of confidence is back with Monday’s mayhem and has forced investors on the back foot yet again. The painful period is likely to last a while. There could be further selling if more skeletons tumble of the Wall Street closet. They could be in the form of AIG or Washington Mutual. And other names are there which you are as aware as we are.” More Stories on : Stocks | Stock Markets
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